OREANDA-NEWS. Fitch Ratings has assigned a senior unsecured debt rating of 'BBB' to Trinity Acquisition plc, an indirect wholly owned subsidiary of Willis Towers Watson, PLC (WLTW)) new issues of $450 million 3.5% senior notes due Sept. 15, 2021 and $550 million 4.4% senior notes due March 15, 2026. A full list of WLTW's ratings follows at the end of this release.

KEY RATING DRIVERS

Fitch expects WLTW to use the net proceeds of these offering to repay borrowing under bank credit facilities.

Fitch upgraded WLTW's ratings on Jan. 6, 2016 following the announcement that the merger of Willis Group Holdings and Towers Watson & Co. (TW) was completed.

RATING SENSITIVITIES

Key rating triggers that could result in a downgrade include a material near-term change in financial profile or operating performance of the combined company, a failure to maintain EBITDA-to-interest ratios of 7x or higher, an increase in financial leverage evidenced by debt/EBITDA above 2.5x, or a material goodwill impairment that cast doubt on the new entities' ability to generate future earnings and cash flows.

Key rating triggers that could result in an upgrade include realization and demonstration of the benefits of the TW and Gras Savoye mergers with continued improved margins and ultimate improvement in the debt-to-EBITDA ratio and EBITDA-to-interest ratios in line with higher rated peers.

FULL LIST OF RATING ACTIONS

Fitch has assigned the following ratings:

Trinity Acquisition plc
--$450 million 3.5% senior notes due 2021 'BBB';
--$550 million 4.4% senior notes due 2026 'BBB'.

Fitch currently rates WLTW as follows:

Willis Towers Watson PLC (formerly Willis Group Holdings)
--Issuer Default Rating (IDR) 'BBB';
--4.125% senior unsecured notes due 2016 'BBB';
--5.75% senior unsecured notes due 2021 'BBB'.

Willis North America Inc.
--IDR 'BBB';
--6.2% senior unsecured notes due 2017 'BBB';
--7.00% senior notes due 2019 'BBB'.

Trinity Acquisition plc
--IDR 'BBB' 'BBB-';
--4.625% senior unsecured notes due Aug. 15, 2023 'BBB';
--6.125% senior unsecured notes due Aug. 15, 2043 'BBB'.

The Rating Outlook is Stable.